Pushing ahead with cancer drug research, Peloton brings its latest round to $75M
Dallas-based Peloton Therapeutics has bagged an extra $22.2 million for its Series D round, bringing the total to $74.6 million.
Much of that money is being earmarked for PT2385, an early-stage drug which Peloton sees as a “first-in-class” small molecule targeting hypoxia inducible factor-2α (HIF-2α), a transcription factor involved in cancer progression. Their lead program is currently in a Phase I study for clear cell renal cell carcinoma, or ccRCC.
Peloton got started six years ago with an $18 million round and backing from the state’s investment program for cancer therapies. The biotech was founded by Steven L. McKnight, the chairman of biochemistry at UT Southwestern. McKnight’s high-throughput screening lab was responsible for finding the compounds that are now part of its pipeline. CEO John A. Josey is the former VP of discovery chemistry at Array BioPharma
The biotech didn’t specify where the latest batch of funds came from, but it lists a big group of backers, including The Column Group, Remeditex Ventures, Tichenor Ventures, Topspin Fund and Nextech Invest.
“This financing represents a strong vote of confidence in our science and the value of our programs, including the potential of our HIF-2α antagonists to impact the treatment of renal and other cancers,” said Josey. “We are pleased with the continued support from our investors.”